|Medical Plastics Market Size to Hit USD 54.29 Billion by 2027; Rising Demand for Efficient Fluid Storage Solutions in the Healthcare Industry to Boost the Market, Says Fortune Business Insights™|
|By GLOBE NEWSWIRE|
|Tuesday, 04 August 2020 23:55|
Pune, Aug. 05, 2020 (GLOBE NEWSWIRE)
Pune, Aug. 05, 2020 (GLOBE NEWSWIRE) -- The global medical plastics market size is projected to reach USD 54.29 billion by 2027, exhibiting a CAGR of 7.1% during the forecast period. The meteoric rise in the demand for personal protective equipment (PPE) across countries will inevitably fuel the uptake of these plastics, finds Fortune Business Insights™ in its report, titled “Medical Plastics Market Size, Share & COVID-19 Impact Analysis, By Application (Medical Disposables, Medical Instruments, Prosthetics & Implants, Drugs Packaging, and Others), and Regional Forecast, 2020-2027”. PPE is made from plastics and other polymers and the on-going COVID-19 pandemic has escalated the demand for such equipment among frontline health workers worldwide.
The report states that the global market value stood at USD 29.93 billion in 2019 and answers the following questions:
Deferment of EU MDR to Support Medical Plastics Market Growth
The European Medical Device Regulation (EU MDR) is an updated batch of regulations framed to monitor and govern the production and distribution of medical devices sold in Europe. The new regulations are focused on adopting a life-cycle approach to medical devices owing to the rapidly aging population in the continent. The regulations are based on the rationale that the probability of malfunctions and accidents associated with medical devices used to treat aging people is higher than normal. The EU MDR was expected to create a major turmoil in the medical plastics industry in Europe. However, with the coronavirus raging across the globe, the European Parliament has decided to postpone the enactment and implement of this regulation to May 2021 so that companies can focus on prioritizing the production of medical devices to battle the pandemic. This decision, therefore, augurs well for this market.
Changing Dynamics of Health Industry in Asia Pacific to Fuel Market Growth
Asia Pacific is expected to lead the medical plastics market share in the coming years owing to evolving dynamics and preferences in the healthcare industry in the region. For example, there is growing awareness about sanitation and hygiene in healthcare facilities in India and China, which is spiking the adoption of advanced medical plastics in the region.
In North America, where the market size was at USD 5.36 billion in 2019, the market is anticipated to be characterized by high healthcare spending and excellent R&D infrastructure for medical research. The market in Europe is also expected to register considerable growth owing to favorable government policies promoting the adoption of these plastics, especially during the current coronavirus pandemic.
Prioritization of Response to COVID-19 to be Central Focus for Key Players
As the coronavirus continues to wreak havoc around the world, key players in the market for medical plastics are focused on prioritizing their response of this unprecedented health crisis. Many companies have boosted their production to produce essential equipment for frontline health workers, while some others are ramping up their R&D spending to launch innovative solutions for the health industry.
Antimicrobial Packaging Market Size, Share & Industry Analysis, By Material (Plastics, Biopolymers, Paper & Paperboard, and Others), By Antimicrobial Agents (Organic Acid, Bacteriocins, and Others), By Type (Bags, Pouches, Trays, and Others), By Application (Food & Beverages, Healthcare & Pharmaceutical, Personal Care, and Others) and Regional Forecast, 2019-2026
Personal Protective Equipment Market Size, Share & PPE Industry Analysis, By Product (Head Protection, Eye & Face Protection, Hearing Protection, Protective Clothing, Respiratory Protection, Fall Protection Protective Footwear, Hand Protection, and Others), By Application (Construction, Manufacturing, Oil & Gas, Chemical, Food, Pharmaceutical, Transportation, and Others) and Regional Forecast, 2020-2027
Medical Adhesives Market Size, Share & Industry Analysis, By Type (Pressure sensitive adhesives, Dissolvable adhesives, Electrical conductive adhesives), By Resin (Natural adhesives, Synthetic adhesives), By Application (Needles & syringes, Catheters, Tubes & connectors, Reservoirs & enclosures, Blood filtration)Others and Regional Forecast, 2019-2026
Medical Clothing Market Size, Share & Industry Analysis, By Product (Surgical Drapes, Scrubs and Gowns, Gloves, Facial Protection, Sterilization Wraps, Protective Apparels and Others), By Application (Hospitals & Physicians’ Offices, Outpatient Facilities, and Others), and Regional Forecast, 2020-2027
Medical Hydrophilic Coatings Market Size, Share & Industry Analysis, By Substrate Type (Metals, Ceramics, Polymers, Others), By Application (Medical Equipment & Tools, Medical Devices, Implants, Others)and Regional Forecast, 2020-2027
Plastics Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene), By End-Use Industry (Packaging, Automotive & Transportation, Infrastructure & Construction, Consumer Goods/Lifestyle, Healthcare & Pharmaceutical, Electrical & Electronics, Textile), and Regional Forecast, 2019-2026
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